How to use this script:
1) Enter the length, this will determine the number of data points used in the calculation of the expected range.
2) Enter the amount of time you want projected forward in minutes, hours, and days.
3) Input standard deviation of the expected range.
4) Pick the type of data you want shown from the dropdown menu. Your choices are either the expected range or the skew of the expected range.
5) Enter the x and y coordinates of the label (optional). This is useful so it doesn't impede your view of the plot.
Here are a few notes about this script:
First, the expected range line gives you the width of said range (upper bound - lower bound), and the label will tell you specifically what the upper and lower bounds of the expected range are.
Second, this script will work on any of the default timeframes, but you need to be careful with how far out you try to project the expected range depending on the timeframe you're using. For example, if you're using the 1min timeframe, it probably won't do you any good trying to project the expected range over the next 20 days; or if you're using the it doesn't make sense to try to project the expected range for the next 5 hours. You can tell if the time horizon you're trying to project doesn't work well with the chart timeframe you're using if the current price is outside of either the upper or lower bounds provided in the label. If the current price is within the upper and lower bounds provided in the label, then the time horizon that you're projecting over is reasonable for the chart timeframe you're using.
Third, this script does not countdown automatically, so the time provided in the label will stay the same. For example, in the picture above, the expected range of Dow over the next 23 days from January 12th, 2021 is calculated. But when tomorrow comes it won't count down to 22 days, instead it will show the range over the next 23 days from January 13th, 2021. So if you want the time horizon to change as time goes on you will have to update this yourself manually.
Lastly, if you try to set an alert on this script, you will get a warning about it possibly repainting. This is because of the label, not the plot itself. The label constantly updates itself, which triggers the warning. I tested setting alerts on this script both with and without the inclusion of the label, and without the label the repainting warning did not occur. So remember, if you set an alert on this script you will get a warning about it possibly repainting, but this is because of the label constantly updating, not the plot itself.
이 스크립트의 오써는 참된 트레이딩뷰의 스피릿으로 이 스크립트를 오픈소스로 퍼블리쉬하여 트레이더들로 하여금 이해 및 검증할 수 있도록 하였습니다. 오써를 응원합니다! 스크립트를 무료로 쓸 수 있지만, 다른 퍼블리케이션에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.
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